EU Warns Time is Running Out on Greece

2/15/2012 11:30AM

The EU warned that time is running out for Greece to meet conditions for financial aid. Meanwhile, some of Greece's euro-zone creditors are mulling whether to delay a full bailout, Charles Forelle discusses on Markets Hub. (Photo: AFP/Louisa Gouliamaki)

This transcript has been automatically generated and may not be 100% accurate.

I ... we're supposed to ... meeting of euro zone finance ministers today brokers in all the all ... we're not getting that are we ... we are not getting ... any get a telephone call the paprika of European finance ministers so all was not lost in the Navy talking by telephone but ... you know it's the it's a continued delay in what has been eyeing ... Therese teaching series of debates ... I'm in the country concerns of the rest of the euro zone ... doesn't frankly trust that Greece will probably will carry through reforms and its products Greece ... and said look will cut our budget you guys get its money ... from the euro zone and the other eurozone countries if ... I if we give you money time you want to make sure you cut your ... first basil chicken and egg problem here on and that that that the what is a reflection that ... and Charles obviously some of the concern ... is what happens in the caretaker government ... it's currently reading Greece ... on decides what he's going to do because ... you know austerity measures and just popular routes ... it'll arrive and you know that the timing is just very unfortunate for everybody concerned ... I'm you know we're now in mid February there is a ... massive bond repayments that nobody wants to actually have to meet in either the ... mid to late March ... Minera elections in April and I think everybody agrees that euro zone of the after they can ... change the order of those last with that so that they ... were able to do ... I'm you know ... make sure that the election happens ... in in a way that the ... so they wanted to pass ... we do that so I mean look what happened with PR are among the key to the use of time is running out of time is running out ... and nobody really moving on this ... what happens ... China's exit legitimately running out so ... they're not a lot of options they beat the bond that comes due in March as fourteen and a half billion euros ... on Greece does not have the money to repay debt ... the euro zone does not want to give Greece the money to repay that ... I would be really like to do is have that on the part of the debt restructuring I did it ... as part of the restructure he gets pushed back in twenty or thirty years I'm now of course the bondholders know that and they're less likely as every day that passes less likely to go along I'm you know one possible credit situation appears discusses Centerbridge mom to give Greece through either next several weeks and and to allow us to talk about this morning's spring ... aam and that the options are really going to look at sport and show you know two months ago we seem to take on the nuclear option ... on the breeze coming out of the U ... going back to the truck but ... we seem to take that off the table ... is it back on the tape ... nothing is off the table increased this point I'm that the biggest problem with the ... insta Greek default scenario is that Greece right now ... as the prime rate deficit has been on able to raise its deficit it's its deficit before accounting for interest payments even if Greece is you know what ... I'm happy that any more debt I'm not making interest payments and the euro denominated bonds ... I'm just in the Star Trek today the don't have enough money to keep the lights on in the government and the BBC's with massive massive massive short-term crowds ... and don't really wanna do that in that so ... they're they're